MBA 560 Milestone One Guidelines and Rubric

MBA 560 Milestone One Guidelines and Rubric

This milestone establishes your chosen organization’s direction within the marketplace. This is important because it drives the subsequent activities, milestones, and the final project. Without a strong sense of the organization’s purpose within the marketplace, knowledge of consumer trends, and how to meet target market needs at the appropriate price, management is less likely to maximize the efficiency of business activities and more likely to miss fully meeting the needs of its chosen target market. This milestone establishes how the organization will differentiate itself from its competition through branding with a unique product or service offering designed to meet specific consumer needs or desires that are shaped by their demographics, personality, or buying style.

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Specifically, the following critical elements must be addressed:

Section Two: Branding and Idea Context Building on your project idea from MBA 515, write a short paper that addresses the following:

 Corporate mission and how the new product or service aligns with it  Defining features of the product(s)/service(s) o How the product will be marketed internally and externally o How the company is differentiating from competition o Alignment of pricing with market position and corporate mission  Your substantiated opinion of brand effectiveness

Section Three: Defining Product or Service Need For your idea, continue your paper by addressing the following:

 Behavioral and/or lifestyle demographics of the targeted consumer or buying style of organizational buyer and why they are a good choice  What unsatisfied need the product/service fulfills  How the customer/buyer seeks information to fill the need  How the product is purchased (characterize the buying situation)  Why your chosen target market is the best choice

Section Six: Pricing Using the idea that you have chosen, finish your paper by covering the following:

 Explain the fixed and variable costs and how these fit with the company’s short- and long-term goals. Use a narrative with a table to show calculations for cost categories. Provide reasonable estimates for each of the categories. Specific or in-depth financial analysis is not necessary.  Examine competitors’ pricing and explain reasoning for differences.  Estimate how much you think the target market is willing to pay for your product/service. Is this due to preferences for social responsibility, ethical behavior, or other intangibles?  What pricing strategy (skimming, penetration, economy, or premium) is most appropriate and why?

Guidelines for Submission: Milestone One should utilize double spacing, 12-point Times New Roman font, one-inch margins, and discipline-appropriate citations. It should be 8-10 pages in length and follow all APA formatting requirements.

Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Context: Defining Features Lays out the key defining features of company’s brand and how these features drive business decisions Lays out defining features of company’s brand and how they drive business decisions, but response omits key features, contains inaccuracies, or connections between brand and decisions are perfunctory Does not lay out defining features of company’s brand and how these features drive business decisions 8 Context: Fits Assesses how new idea fits with company’s existing brand and how that impacts business plan, supported by relevant research and analysis Assesses how new idea fits with company’s existing brand and impact on business plan, supported by research and analysis, but response is cursory, omits key details, contains inaccuracies, or support is not relevant Does not assess how new idea fits with company’s existing brand and how that impacts business plan, supported by research and analysis 8 Context: Effectiveness Evaluates effectiveness of existing branding efforts, including implications for new product or service, supported by relevant analysis Evaluates effectiveness of existing branding efforts, including implications for new product or service, supported by analysis, but response is cursory, omits key details, contains inaccuracies, or support is not relevant Does not evaluate effectiveness of existing branding efforts, including implications for new product or service, supported by analysis 8 Need: Target Market: Basic Demographics Analyzes key demographic features of target market, supported by relevant research Analyzes demographic features of target market, supported by research, but response is cursory, omits critical features, contains inaccuracies, or support is not relevant Does not analyze key demographic features of target market, supported by research 8

Need: Target Market: Other
Analyzes other behavioral or psychographic characteristics of target market, supported by relevant research
Analyzes other behavioral or psychographic characteristics of target market, supported by research, but response is cursory, omits key characteristics, contains inaccuracies or support is not relevant
Does not analyze other behavioral or psychographic characteristics of target market, supported by research
8
Need: Want or Need Analyzes how new product or service meets a specific want or need of target market, supported by relevant market research
Analyzes how new product or service meets a specific want or need of target market, supported by market research, but response is cursory, omits key details, contains inaccuracies, or support is not relevant
Does not analyze how new product or service meets a specific want or need of target market, supported by market research
8
Need: Why Defends choice of target market relative to product success, based on analysis of target market’s characteristics, needs, and wants
Defends choice of target market relative to product success based on analysis of target market’s characteristics, needs, and wants, but defense is cursory, illogical, contains inaccuracies, or is not wellsupported
Does not defend choice of target market relative to product success, based on analysis of target market’s characteristics, needs, and wants
8
Pricing: Costs Determines fixed and variable costs associated with new good or service and how costs fit with company objectives, supporting narrative with table showing calculations and assumptions
Determines fixed and variable costs and how fit with company objectives, supporting narrative with table showing calculations and assumptions, but response omits key details, contains inaccuracies, or is based on faulty assumptions
Does not determine fixed and variable costs associated with new good or service and how costs fit with company objectives, supporting narrative with table showing calculations and assumptions
8
Pricing: Pay Judges how much target market is willing and able to pay for product or service, using target market analysis and research on close competitors’ prices to justify response
Judges how much target market is willing and able to pay for product or service, using target market analysis and research on close competitors’ prices to justify response, but response is cursory, contains inaccuracies, or is not wellsupported by research and analysis
Does not judge how much target market is willing and able to pay for product or service, using target market analysis and research on close competitors’ prices to justify response
8
Pricing: Preferences Evaluates whether targeted consumers are willing and able to pay more for product or service if it aligns with their preferences for socially responsible and ethical behavior, justifying response with evidence
Evaluates whether targeted consumers are willing and able to pay more for product or service if it aligns with their preferences for socially responsible and ethical behavior, justifying response with evidence, but response is cursory, contains inaccuracies, or is not wellsupported by evidence
Does not evaluate whether targeted consumers are willing and able to pay more for product or service if it aligns with their preferences for socially responsible and ethical behavior, justifying response with evidence
8

Pricing: Strategy Justifies pricing strategy and price selection for new product or service in light of analysis
Justifies pricing strategy and price selection for new product or service in light of analysis, but justification is cursory, illogical, contains inaccuracies, or is poorly-supported
Does not justify pricing strategy and price selection for new product or service in light of analysis
8
Writing (Mechanics/Citation)
Minor errors related to organization, grammar, style, and citations
Some errors related to organization, grammar, style, and citations
Major errors related to organization, grammar, style, and citations
12
Earned Total 100%

Expert Answer

 

SECTION TWO: BRANDING AND IDEA CONTEXT

Introduction

Drchrono, the American-based healthcare information technology company, is a company involved in the production and delivery of various services, products, systems, and solutions necessary for the smooth provision of medical services (We Power The Practice Of The Future, n.d.). It is an institution that is well-established, being reputable and well-known in the healthcare information technology industry. Drchrono provides healthcare IT services and products to various companies and institutions in the medical services industries, including pharmaceutical manufacturers, insurers in the healthcare industry, medical supplies manufacturers, hospitals, and pharmacies. The company provides both medical supplies and information technologies that are used in the provision of better healthcare. With branches spread out across the world, Drchrono is one of the best performing healthcare IT companies in the world. Despite facing stiff competition from various players in the healthcare industry, the company has been performing quite well, especially in the United States.

Corporate Mission

According to the organization’s official website, the mission of Drchrono is to “design essential medical technology to make care more informed, personalized, interactive, and adaptable” (We Power The Practice Of The Future, n.d.). Drchrono provides software platforms and services that are crucial in the management of electronic health records. These solutions and services ensure the streamlining and enhancement of medical practice processes, from scheduling patient appointments to the prescription of medicines, billing, and payments. The company provides network solutions and content management, with a number of applications that are applied in the establishment of a connection between medical entities such as pharmacies, drug companies, laboratories, and hospitals. Drchrono is also involved in the provision of medical services through web-based portals, which are best suited for booking of appointments, advertising, and other promotional activities.

The company plays a crucial role in the overall management of healthcare centers and hospitals. Hospital management is enabled by the company’s services and software that are customized for management. The software may be simple or complex, depending on the size of the healthcare center or the operations involved. For instance, a simple medical recordkeeping software will be adequate for the management of a small clinic managed by a single doctor. However, a larger hospital will require software with several modules capable of managing numerous schedules for many doctors. Drchrono also provides hospitals and other healthcare institutions with software and services used in payment systems, inventory management, and billing, and assists in medical research through the provision of applications and software used in the facilitation and automation of research activities.

Product Introduction

Drchrono aims to introduce a new product in the coming year to increase the number of services and solutions offered and improve healthcare provision in the United States. The new product, in the form of an application, will provide hospitals with a way of managing patient records, providing consultation services to the public, maintaining hospital visit records, and providing medical advice to the public. This new product aligns with the mission statement of the organization, as it will be a new way of improving healthcare services provision and ensuring that the care provided is well-informed and interactive. By introducing the new product to the American market, the company will go a long way into the fulfillment of its mission. The application will be branded ‘Chrono’, to symbolize the company’s name. The Chrono application will provide a wide range of services to patients and healthcare specialists.

The app will provide a user interface that will be easy for patients and members of the public to use to access the various services listed on the app. It will have two sections, one for members of the public and the second for healthcare providers. The public section will include a list of various services accessible to the public, including consultation services, first aid directions for various cases, and doctor appointments’ scheduling. The healthcare providers section will contain a menu with services such as management of patient records, appointments scheduling, and a live chat section for communicating with members who are online. The Chrono app will be marketed through the use of various forms of media. Advertisements will be placed on billboards in major cities in the U.S.; in various newspapers, journals, and other forms of print media; on the internet through the company’s official website; and on various social media platforms such as Facebook, YouTube, and Instagram.

In order to ensure that the new product is different from any other product offered by other competitors in the healthcare IT industry, Chrono will be customized to incorporate a wide range of services that are important to the public and to the healthcare providers. It will be a one-stop shop for all the medical services that a member of public wishes to access when visiting a hospital or medical facility. Instead of a patient having to travel from their home to a hospital in order to access consultation services, they will have an opportunity to access consultation services from the comfort of their home by simply creating a user account on the Chrono app. The application will be a first on the industry and patients will be able to communicate directly with a medical expert through a live chat section provided. This will improve care provision and minimize the cases of drug misuse. People will be well-informed on medicinal use and proper administration of medicines and first aid (through the app).

The application will be made available to the public and healthcare professionals working in various healthcare centers through yearly subscriptions and one-time payments for people wishing to access a service just for a single time. The cost of a yearly subscription will depend on the number of services that one wishes to access during a subscription year. Since Drchrono is a reputable company, the public will have no problem believing in the truthfulness of the information provided within the app. The application will be easily downloadable from various mobile application stores: Apple Store, Windows Store, and Android’s Play Store. The subscription charges will be incredibly low, to contribute towards the mission of the company of providing better care, at an affordable price. The Chrono app stands to perform well, with the name of the company being very popular across the world. In addition, the number of citizens that own a smartphone is increasing daily. For this reason, the app has the potential for growing into a strong brand within a short time period.

SECTION THREE: DEFINING PRODUCT OR SERVICE NEED

Understanding the Target Market

The target market for the new Chrono application will be the young people between the ages of 18-35, commonly referred to as the Millennials. This aging generation accounts for more than 25 percent of the total U.S. population, providing a great opportunity for brands that understand their consumer behavior, generational values, and lifestyle. The millennial generation has been largely impacted by the digital revolution, affecting every feature of the purchasing decision-making process. Information is easily accessible to them. With specific details and review information about any service or product being accessible straight from their handheld devices. Their huge investment in digital media and increased access to reviews and guidance makes them distrustful of the traditional forms of advertisements. Millennials, also referred to as Generation Z, are at the forefront of the trend away from dependence on advertisements for purchasing decision making.

One of the most notable characteristics of millennials is their frugal spending (DeVaney, 2015). Growing up during a financial crisis with numerous economic strains, their consumer habits have been influenced a lot, especially those that are starting families (those aged 25-35). The younger age group (those aged 18-24) have an income that is low, which also affects their purchasing decisions. Millennials are arguably the most educated generation, with a majority of them having a bachelor’s degree or higher. The millennials of today earn their own money, with many of them already having young families and raising children. Their spending is projected to increase, as they gradually achieve financial independence. Another characteristic is that millennials, especially those that are not parents, largely invest in popular brands (DeVaney, 2015). They are known to value discounts and deals more than the other generations. For this reason, brands stand to benefit from messages communicating value for money. Millennials hate traditional advertising and see it as being blatant and lacking information. Even though most of them live paycheck to paycheck, millennials want the latest products and services in the market. They are not hesitant to impulse buying if the services or product is within their purchasing capacity.

Product Suitability

Millennials enjoy having access to information and avoid having to physically visit the marketplace in search for a product or service that they require. They will try as much as possible to find the product online and purchase it, requesting for home delivery to avoid having to visit the market. They are huge users of online marketplaces and spend a lot on IT products (Frey, 2018). Their lifestyle puts them at risk of lifestyle diseases such as obesity, diabetes, and liver cirrhosis. For this reason, the new product will be the best fit for this generation since it will provide information on various lifestyle diseases, how to avoid them, offer advice on lifestyle changes, and provide them with an opportunity to access health information from the comfort of their homes. Millennials rarely visit a hospital for a routine checkup or for consultation services. Since they are largely engaged in their work and in business, the Chrono app will provide them with a great way of access to healthcare information on the go.

Since millennials largely access information and conduct their research online, having a mobile application in their devices (Frey, 2018), capable of providing them with the information they need, will be well received. Millennials will be able to download the application for free from the main smart devices’ application stores: Apple Store, Windows Store, and Android’s Play Store. Providing the application for free will ensure that many of them download it since placing a price on the download would scare away most of them. After downloading the app for free, the users may then sign up to create an account and choose the type of subscription that best suits their needs and their spending capacity. The cost of subscriptions will be set low to enable those that have low incomes to access the content of the application. Besides the millennial users, healthcare providers will also be a target market for the app. This group of people has the need to keep in touch with their appointment schedules and to provide information to the public on various health and wellness issues. The Chrono app will provide a great opportunity for them to meet their needs.

 

SECTION SIX: PRICING

Production Cost

The mobile application will require a significant capital investment to cater for the app’s development costs and the costs associated with the marketing of the new app. There will also be a number of costs that may be classified as variable, such as the costs of future app updates and the cost of app design. The following is a breakdown of the various costs in the production of the Chrono application:

Fixed Costs   Variable Costs  
App development $25,000 Feature and stability updates $10,000
App design $10,000 Marketing $10,000
App testing $5,000 App store enrolment yearly fee $100 every year
  $40,000 Cost of database management $2,500 every year
  $22,600 (estimated)

 

The total production cost of the application will be approximately $62,600, with annual payments of $2,600 thereafter. This cost is manageable since the company targets a large number of subscribers. The cost is within the company’s budget for projects which is $100,000 every year. The company is also popular for raising millions of dollars for investment purposes (Wortham, 2012).

Pricing Strategy

Currently, there are no healthcare applications in the United States that focus on the provision of medical information that cuts across all the various ailments and diseases that affect the population. The available medical and healthcare apps either provide information on a single disease type or a collection of related ailments. For instance, there are apps for cancer patients, apps for pregnant women, and apps for fitness. Each of these apps come at a price, with a few that are free. The approximate yearly subscription cost for a healthcare app in the U.S. is $99. Most of the available apps are poorly rated and come with numerous ads, resulting in a small number of subscribers. The Chrono app will provide information on a wide range of ailments and medical conditions, directed by the requests and searches by the users. It will also provide a platform where healthcare experts can communicate directly with patients and users in need of specific information about any health concern or condition.

The Chrono app will be developed by a team of experienced application developers and will be devoid of advertisements to provide users with an exciting interface and ease of use. The app will be downloadable for free from smart devices running the Windows OS, iOS, or Android OS. This will be a first since the available healthcare apps are only downloadable from a single OS. With the target market for the new application being the millennial generation, the app will be provided for free to encourage more downloads. The user interface will be customizable with themes and colors, to attract the younger generation who are tech savvy (DeVaney, 2015). Penetration pricing strategy will be the best suited for this product since the target market is composed of individuals who are largely low-income earners (Duke, 1994). Quality of service and graphics will be of importance, as consumers are willing to pay whatever price for better quality. Consumers are willing to pay approximately $50-$100 for yearly subscriptions on a healthcare app.

By setting the subscription cost on the Chrono app at $89, the public will be interested in trying out the new app to see what it offers. After the app has penetrated the market successfully, premium pricing may be utilized with subsequent app updates. This will communicate the provision of improved quality and service to the already existing users and attract new users who relate a higher subscription cost with better quality and service.

References

DeVaney, S. A. (2015). Understanding the millennial generation. Journal of Financial Service Professionals, 69(6), 11-14.

Duke, C. R. (1994). Matching appropriate pricing strategy with markets and objectives. Journal of Product & Brand Management, 3(2), 15-27.

Frey, W. H. (2018). The millennial generation: a demographic bridge to America’s diverse future. Brookings Institute Metropolitan Policy Program.

We Power The Practice Of The Future. (n.d.). Retrieved January 13, 2019, from https://www.drchrono.com/about/

Wortham, J. (2012). Drchrono Raises $2.8 Million to Digitize Doctor’s Visits. Retrieved January 13, 2019, from

https://bits.blogs.nytimes.com/2012/01/26/drchrono-raises-2-8-million-to-digitize-doctors-visits/?_r=0

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